By Srinivas Chowdary Sunkara // petrobazaar // 03-01-18
CRUDE PRICE TREND:
Crude oil prices are trading at two and half year's high levels. The continued tensions in Iran and expected crude drawings for continuous seventh week are the factors supporting the oil prices. Rising production in U.S and concerns over Russia potentially not fully living up to its OPEC pledge are the factors capping the margins. Forties pipeline which carries 450,000 bpd restarted its operations after outage problem resolved. API report is due to release today and government agency report follows.
WTI AND BRENT PRICE TREND
U.S crude oil grade West Texas Intermediate for February contract rose $1.09 or 1.806% at $61.46 a barrel moving towards $62 levels on Nymex where as Brent to be delivered in March spiked $1.02 with 1.532% increase at $67 on London based ICE futures Europe exchange. Brent is trading with a premium of $6.13 to WTI.